Two-Unit Flex
For Sale
Contact for pricing
711 S University Avenue, Provo, UT 84601
Warehouse and office areas are arranged in two functional units with ground-level loading access.
Property Size11,800 SF
Price / SF$210
Days on Market146
Property Features for 711 S University Avenue
General Information
Standard status
Active
Size
11,800 SF
Class
C
Property subtype
Industrial
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Asking Price
$2,478,000
Drive-In Doors
6
Office Units
2
Building Details
Year Built
1971
Buildings
1
Stories
1
Units
2
Building Size
11,800 SF
Listing Agency:
Colliers - Pleasant Grove - Utah County, Utah
(801) 702-4686
Listed By:
James Yeates · License #6964042-SA00
Source:
Crexi
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 1:58PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Pleasant Grove - Utah County, Utah
Investment Insights
Based on property information with market context.
This 11,800-square-foot flex building is divided into two units, each combining open warehouse space with dedicated office areas. Every unit includes three ground-level doors and private restrooms, with additional restroom facilities serving both warehouse and office portions. The layout supports a mix of storage, distribution, and business functions within one property.
The building sits near downtown Provo and Provo Towne Center Mall. Access to I-15 is available through the University Avenue on- and off-ramps, while the Frontrunner commuter rail is immediately nearby. A total of 6,700 square feet is identified as available for lease within the 11,800-square-foot building.
The building sits near downtown Provo and Provo Towne Center Mall. Access to I-15 is available through the University Avenue on- and off-ramps, while the Frontrunner commuter rail is immediately nearby. A total of 6,700 square feet is identified as available for lease within the 11,800-square-foot building.
Key Highlights
- 11,800 SF building configured as two flex units
- Each unit includes an open warehouse area and office space
- 3 ground‑level doors per unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$149,258
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,985,160
$3.0M
Cap Rate 7%
$2,132,257
$2.1M
Cap Rate 9%
$1,658,422
$1.7M
Market Conditions
NOI Build-Up for 11,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$259.1K $21.96/SF
− Vacancy
−$60.1K −$5.09/SF
EGI
$199.0K $16.87/SF
− OpEx
−$49.8K −$4.22/SF
NOI
$149.3K $12.65/SF
Area
Provo, UT
Vacancy
23.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,985,160
Cap Rate 7%
$2,132,257
Cap Rate 9%
$1,658,422
Alternative Uses
Best Use
Office B
$2.13M
$1.87M – $2.49M
NOI $149,258 @ 7.0% cap · market cap 6.02%
Second Best
Flex RnD
$1.92M
$1.68M – $2.24M
NOI $134,516 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$3.25M
$2.85M – $3.80M
NOI $227,808 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Drive-in doors
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,383
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 84601, UT
33,986
Population
11,673
Households
2.9
Avg Household Size
27
Median Age
33%
College-Educated
86%
High-School Grad
13.3 sq mi
ZIP Area
2,555
Density / Sq Mi
$64,758
Median Household Income
$30,548
Median Earnings
$1,173
Median Rent
$370,300
Median Home Value
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office areas are arranged in two functional units with ground-level loading access.
Where is this flex space located?
The property is located at 711 S University Avenue Provo, UT.
What is the asking price?
The asking price for this property is $2,478,000.
What are key features of this property?
This property features: 11,800 SF building configured as two flex units; Each unit includes an open warehouse area and office space; 3 ground‑level doors per unit
